This seems like something that would be pretty hard to deploy in a home environment because there would just be so much data moving in and out. I can see this as a more feasible idea if you were working on an intranet and occasionally access the internet, then the program would only detect information moving out of the internet but not the intranet. However in a home environment you are also exclusively using the internet and would probably never have an intranet set up so the program is going to get so many hits on personal data moving in and out.
I think a more feasible idea would be to set up a firewall that default denies any inbound or outbound third party application unless you tell them to allow it.